Why the IOOF (ASX:IFL) share price is one to watch on Friday

The IOOF Holdings Limited (ASX: IFL) share price will be on watch this morning after the release of an announcement.

What did IOOF announce?

This morning IOOF announced that it has made changes to its arrangements with external platform providers.

According to the release, effective yesterday, IOOF and Westpac Banking Corp (ASX: WBC) have agreed to terminate the existing relationship agreement between IOOF and Westpac’s BT brand.

IOOF’s CEO, Renato Mota, commented, “IOOF and BT worked collaboratively to reach agreement with regard to the future of our arrangement. As IOOF embarks on its own platform simplification strategy, alignment with providers who fit within our open architecture approach will be key to continuing to…